(1)The Judicial Conference shall prescribe and publish the procedures for the consideration of proposed rules under this section.

(2)The Judicial Conference may authorize the appointment of committees to assist the Conference by recommending rules to be prescribed under sections
2072 and
2075 of this title. Each such committee shall consist of members of the bench and the professional bar, and trial and appellate judges.

(b)The Judicial Conference shall authorize the appointment of a standing committee on rules of practice, procedure, and evidence under subsection (a) of this section. Such standing committee shall review each recommendation of any other committees so appointed and recommend to the Judicial Conference rules of practice, procedure, and evidence and such changes in rules proposed by a committee appointed under subsection (a)(2) of this section as may be necessary to maintain consistency and otherwise promote the interest of justice.

(c)

(1)Each meeting for the transaction of business under this chapter by any committee appointed under this section shall be open to the public, except when the committee so meeting, in open session and with a majority present, determines that it is in the public interest that all or part of the remainder of the meeting on that day shall be closed to the public, and states the reason for so closing the meeting. Minutes of each meeting for the transaction of business under this chapter shall be maintained by the committee and made available to the public, except that any portion of such minutes, relating to a closed meeting and made available to the public, may contain such deletions as may be necessary to avoid frustrating the purposes of closing the meeting.

(2)Any meeting for the transaction of business under this chapter, by a committee appointed under this section, shall be preceded by sufficient notice to enable all interested persons to attend.

(d)In making a recommendation under this section or under section
2072 or
2075, the body making that recommendation shall provide a proposed rule, an explanatory note on the rule, and a written report explaining the body’s action, including any minority or other separate views.

(e)Failure to comply with this section does not invalidate a rule prescribed under section
2072 or
2075 of this title.

Amendment by Pub. L. 103–394effective Oct. 22, 1994, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before Oct. 22, 1994, see section 702 ofPub. L. 103–394, set out as a note under section
101 of Title
11.

Effective Date

Section effective Dec. 1, 1988, see section 407 ofPub. L. 100–702, set out as an Effective Date of 1988 Amendment note under section
2071 of this title.

“(1) Disclosure.—The Judicial Conference of the United States, in accordance with section
2075 of title
28 of the United States Code and after consideration of the views of the Director of the Executive Office for United States Trustees, shall propose amended Federal Rules of Bankruptcy Procedure and in accordance with rule 9009 of the Federal Rules of Bankruptcy Procedure [11 U.S.C. App.] shall prescribe official bankruptcy forms directing debtors under chapter
11 of title
11 of United States Code, to disclose the information described in paragraph (2) by filing and serving periodic financial and other reports designed to provide such information.

“(2) Information.—The information referred to in paragraph (1) is the value, operations, and profitability of any closely held corporation, partnership, or of any other entity in which the debtor holds a substantial or controlling interest.

“(b) Purpose.—The purpose of the rules and reports under subsection (a) shall be to assist parties in interest taking steps to ensure that the debtor’s interest in any entity referred to in subsection (a)(2) is used for the payment of allowed claims against debtor.”

Standard Form Disclosure Statement and Plan

Pub. L. 109–8, title IV, § 433,Apr. 20, 2005, 119 Stat. 110, provided that: “Within a reasonable period of time after the date of enactment of this Act [Apr. 20, 2005], the Judicial Conference of the United States shall prescribe in accordance with rule 9009 of the Federal Rules of Bankruptcy Procedure [11 U.S.C. App.] official standard form disclosure statements and plans of reorganization for small business debtors (as defined in section
101 of title
11, United States Code, as amended by this Act), designed to achieve a practical balance between—

“(1) the reasonable needs of the courts, the United States trustee, creditors, and other parties in interest for reasonably complete information; and

“(a) Proposal of Rules and Forms.—The Judicial Conference of the United States shall propose in accordance with section
2073 of title
28 of the United States Code amended Federal Rules of Bankruptcy Procedure, and shall prescribe in accordance with rule 9009 of the Federal Rules of Bankruptcy Procedure [11 U.S.C. App.] official bankruptcy forms, directing small business debtors to file periodic financial and other reports containing information, including information relating to—

“(1) the debtor’s profitability;

“(2) the debtor’s cash receipts and disbursements; and

“(3) whether the debtor is timely filing tax returns and paying taxes and other administrative expenses when due.

“(b) Purpose.—The rules and forms proposed under subsection (a) shall be designed to achieve a practical balance among—

“(1) the reasonable needs of the bankruptcy court, the United States trustee, creditors, and other parties in interest for reasonably complete information;

“(2) a small business debtor’s interest that required reports be easy and inexpensive to complete; and

“(3) the interest of all parties that the required reports help such debtor to understand such debtor’s financial condition and plan the [sic] such debtor’s future.”

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